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What Is the Cryptocurrency Anti-Phishing Working Group?

Cryptocurrency users are often targeted by criminals of all kinds. Whether through malicious software, hacked platforms, or phishing sites and emails, the number of threats has not diminished in the slightest. To counter all of this, there is a cryptocurrency anti-phishing working group. This group aims to help participants in the cryptocurrency ecosystem protect their assets from phishing and targeted attacks.

The Cryptocurrency Anti-Phishing Working Group

It is commendable to see dedicated efforts to protect cryptocurrency users. Novice and veteran industry enthusiasts are all too aware of the potential threats lurking around every corner. This industry has become quite popular thanks to market prices shooting to the stars over the years. Criminals have also shown an increased interest in cryptocurrency users and service providers. The result is as one would expect: phishing and targeted attacks have almost become the new normal.

To counter this problem, dedicated efforts are needed. This is where the Cryptocurrency Anti-Phishing Working Group comes into the picture. The initiative focuses on implementing anti-phishing solutions and protecting crypto-assets from targeted attacks. In the real world, the group’s eCrime Exchange collects live phishing information and distributes that data accordingly. With over 100 million consumers worldwide protected by this venture already, it is evident such efforts are in high demand.

Moreover, the eCrime Exchange allows service providers to have known phishing URLs, IP addresses, and wallet addresses blocked by the majority of the world’s internet security gateways and filters. Removing phishing locations from the World Wide Web requires a rather forceful approach. Some people may see this as censorship, but it is the only viable course of action. If such fictitious platforms are allowed to exist for longer periods of time, they will only succeed in defrauding more people.

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It is worth noting that this working group was formed quite some time ago. They have been in this industry since October of 2011, and have collaborated with numerous companies suffering from phishing and other types of attacks. Bitcoin has always been a particularly hot topic for the working group’s members, mainly because they’ve seen how many issues have affected the industry over the years. Although things have improved since the Mt. Gox debacle, exchanges and service providers are still prime targets for criminals these days.

In the year 2018, the Cryptocurrency Anti-Phishing Working Group will continue its mission of helping exchanges, wallets, and investment funds protect consumer assets. Although interested parties will need to apply for a membership, any company that takes security seriously may want to consider doing so. Membership comes at an annual price of 1 BTC, but it may very well be worth it. After all, efforts like these can help eradicate most cryptocurrency-related phishing and other attacks.

In the end, most people will agree that the Cryptocurrency Anti-Phishing Working Group is a positive development. By raising awareness about phishing sites and targeted attacks, a lot of harm can be prevented. It is still up to individual members to actively share this information with the rest of the network, but this solution seemingly paves the way for a more secure future for all cryptocurrency users. Only time will tell if that is the case, though, as criminals tend to come up with new and creative ways to avoid detection.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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